The US Internal Revenue Service has issued new guidelines providing a clear path for exchange traded products (ETFs) and trusts to participate in digital asset pledging and receive rewards. （Cointelegraph）
[Gemini Releases First Earnings Report After Listing, Revenue Grows 52%]
Gemini released its first quarterly earnings report after going public, with third-quarter revenue increasing 52% quarter-over-quarter to approximately $50 million. However, the company still recorded a net loss of $159.5 million, with adjusted EBITDA at negative $52.4 million. Following the earnings report, the stock price fell more than 11% in after-hours trading, dropping below $15, hitting a record low.
Coinbase's second layer network, Base, processed 15.4 million transactions on November 9th, setting a new record and becoming one of the busiest blockchains. （Cointelegraph）
[U.S. Senate Agriculture Committee Releases Crypto Regulation Draft]
The U.S. Senate Agriculture Committee has released a crypto regulation draft, proposing to expand CFTC authority and establish a crypto fee mechanism, though several issues remain unresolved. Democratic Senator Booker warned about insufficient CFTC resources, with some provisions involving conflicts of interest related to the Trump family's activities in the crypto sector.